EBITDA on an IFRS basis totaled € 2,131 m versus € 2,284 m on an underlying basis. The difference of € 152 m is explained by the following adjustments to IFRS results, in order to improve comparability of underlying results:

  • € 82 m for the non-cash impact of purchase price allocation (PPA), consisting of recycling into profit or loss of Cytec inventory step-ups, which are adjusted in “Cost of goods sold”;
  • € 9 m for legacy acquisition costs, in this case the Chemlogics retention premiums, which are adjusted in "Commercial & administrative costs";
  • € (16) m in “Earnings from associates & joint ventures” for the foreign exchange gains on the euro-denominated debt of the RusVinyl joint venture, following the revaluation of the Russian ruble since the start of the year, netted with the financial charges of the joint venture. These elements are reclassified in “Net financial charges”;
  • € 21 m for net costs in “Result from portfolio management and reassessments”, excluding depreciation, amortization and impairment elements. These include restructuring costs of € (116) m, primarily related to restructuring plans in Corporate & Business Services, Special Chem and Soda Ash & Derivatives, as well as € (46) m costs and losses related to acquisition and divestments. These costs were partially offset by the net capital gain of € 72 m made on the exit of Inovyn, the € 49 m gain for the release to Solvay of Chemlogics holdback payments and a net capital gain on sale of land of € 20 m;
  • € 56 m for net costs in “Result from legacy remediation and major litigations”.